Western Construction: Positive Net Profit and Decline in the Same Direction!

On July 13, China Construction Western Construction issued a semi-annual performance forecast for 2023.

The announcement shows that the net profit of western construction is expected to be positive and decline in the same direction. The announcement also indicated that during the reporting period, the gross profit margin of commercial concrete sales declined due to the obvious decline in the market price of commercial concrete in the areas covered by the company, and the sales revenue and net profit are expected to decline compared with the previous year. In February

2023, Western Construction acquired 52% equity of Zhongjian Chengdu Tianfu New Area Construction Co., Ltd., a joint venture company held by China Construction Third Engineering Bureau Co., Ltd. in cash. This acquisition is a business combination under common control. According to the relevant provisions of the Accounting Standards for Business Enterprises No.20 – Business Combination, the Company retroactively adjusted the data of the same period last year, resulting in an increase of 3.7509 million yuan in net profit attributable to shareholders of listed companies in the first half of 2022. The adjusted data has not been audited by an accounting firm.